MANILA (Philippine Daily Inquirer/Asia News Network): President Ferdinand Marcos Jr, the concurrent chief of the Department of Agriculture (DA), is attributing the high price of rice in the market to expensive farmgate costs and importation.
In a statement released by the Palace on Friday (Aug 18), Marcos said the price of rice would only become steady if the country had increased supplies and reserves of the Filipinos’ favourite staple food.
Earlier, the President said the government is closely monitoring rice supplies as the price per kilo surged to about P56.
“What we are watching is the farmgate price because that is causing the increase now, and also the importation of other inputs, including rice itself. So I think that when our supply increases and our reserve increases, our price will stabilise,” Marcos explained.
Marcos said he received reports that rice harvest had already started in Nueva Ecija, Isabela, and North Cotabato – which, he noted, should expand the country’s supplies.
The President previously pointed to agricultural hoarders as another reason for the high prices of food products and ordered the Department of Justice and National Bureau of Investigation to go after them.
